Machine learning is the new face of artificial intelligence. With recent advancements in machine learning, it has become easier to accomplish tasks that were once thought impossible for computers says Peter DeCaprio. Tasks that used to be limited only to human analysis are now easily accomplished by machines that can process large amounts of information without getting tired or bored.
With this newfound power over data, there are many applications where machine learning can give us great benefits other than just one-time predictions. Many companies are currently exploring ways in which they can use this technology for their benefit while ensuring the safety and stability of their business operations.
Below you will find a list of various real-time applications being developed today utilizing different types of machine learning algorithms:
1) Risk Management –
The financial industry has always been big on algorithms to detect fraud, money laundering, and other financial crimes. With the introduction of new techniques in machine learning over the past few years, it has become possible to automatically catch these violations without human intervention explains Peter DeCaprio.
2) Customer Service –
Applications that automatically handle customer queries are also quite common nowadays. The banking industry is already using chatbots powered by machine learning to provide assistance for customers who have questions about their accounts or transactions. These chatbots can instantly respond to simple requests for information while routing more complex problems to actual humans who can deal with them properly.
3) Sentiment Analysis –
Social media platforms like Twitter and Facebook are massive repositories of unstructured data that can be analyzed easily using various types of machine learning algorithms. By analyzing the language used in various posts, it is possible to understand what general sentiment a group of people have about a particular product or event. The same technique can also be used to determine if users are happy with the service they receive from their respective companies and how likely they are to recommend them to their friends and family.
4) Fraud Detection –
Another task that has become easier for machines. By utilizing machine learning algorithms is detecting fraudulent transactions on one’s credit card. With more sophisticated options available today, it is possible to detect unusual usage patterns in real-time which might indicate that someone else is making purchases with your card without authorization.
5) Predictive Maintenance –
One of the main goals of predictive maintenance programs is to prevent downtime due to faulty equipment. Peter DeCaprio says By identifying potential failures caused due to wear and tear. Machines that are used in manufacturing processes can be serviced before they fail completely. It is estimated that by implementing this simple process, companies can save up to 30% on maintenance costs every year.
6) Physical Security –
Using various types of machine learning algorithms. It is possible to automate the task of surveillance. By using video cameras placed all over a particular place or premises. The recorded data then analyzes for any unusual patterns. Which might indicate an intruder attempting to access restricted areas.
7) Marketing Analytics –
Almost all major corporations have started using machine learning techniques in their marketing strategies to understand consumer behavior better. By knowing how customers interact with different products or services offering by the company. It becomes easier to create new campaigns that can increase revenue.
8) Inventory Management –
In order to get more accurate predictions of supply and demand for various products being in a marketplace. Companies have started using machine learning algorithms to track their inventories at all times. This data then analyzes automatically so that the right items are out on time while excess stock can be quickly out of circulation. By reducing its price or setting it aside for a sale.
9) Smart Cities –
Utilizing different types of machine learning algorithms. It is possible to monitor traffic flow through smart streets designed with sensors embedded in them. This information can be use for determining the best route when planning a commute. And also helping authorities manage traffic congestion in real-time
10) Retail Automation –
Implementing machine learning algorithms in retail operations has become quite popular these days. By using the right type of model, it is possible to determine ideal product placement on racks or even suggest additional items. That might interest a particular customer based on their purchase history.
Machine learning and predictive analytics have the potential to transform our lives for the better. By making many things more convenient and efficient than humanly possible. It is also one of the few emerging technologies that can be in use in real-time applications across multiple industries. As per Peter DeCaprio, the easiest and most generic definition of this concept is. Instead of programming a machine to perform specific tasks, modern computers utilize algorithms. So they can “learn” their function by using data collected from various sources. This process has been using in different domains. Such as medical diagnosis, stock market prediction, etc. In the near future, it is expecting that this technology will be further refine. With advance, deep learning systems develop. For handling increasingly large datasets generated every day.